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Dollar Regains Strength as Bernanke Speaks

July 14, 2011 at 21:29 by Vladimir Vyun

US DollarThe US dollar regained its strength today after Federal Reserve Chairman Ben Bernanke signaled today that there won’t be a third round of quantitative easing.

Bernanke said today that inflation is growing and is close the central bank’s target. Retail sales rose 0.1 percent in June, following the drop by 0.1 percent in May. Unemployment claims fell from 427k to 405k last week.

Despite some good fundamentals, the greenback still doesn’t look like a reliable safe currency. Therefore, many investors prefer other safe assets, like the Swiss franc and gold. Gold reached the record of $1,594.90 today. The Standard & Poor’s 500 Index slid 0.7 percent after it rose 0.7 percent earlier.

EUR/USD fell from 1.4163 to 1.4143 today as of 21:28 GMT after earlier it climbed as high as 1.4281. USD/JPY rose from 78.97 to 79.12. USD/CAD climbed from 0.9582 to 0.9596.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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